The euro is trying to build on the support 21/6/2022

Quiet trading tilted to the positivity that dominated the movements of the euro against the US dollar amid the absence of US markets yesterday to find the pair trying to establish a support floor around 1.0470, which forced it to rebound to the upside.

Technically, the current moves are witnessing intraday stability above 1.0500. With a careful look at the 240-minute chart, we find the 50-day simple moving average trying to push the price to the upside, coinciding with the 14-day momentum indicator getting positive signs on the short intervals.

Therefore, the possibility of a bullish bias during today’s session may be valid and effective, knowing that confirming the breach of 1.0550 Fibonacci retracements is an important and basic condition to enhance the chances of rising towards 1.0580 and 1.0630, respectively, and the upside targets may extend to visit 1.0670, 38.20% correction.

The decline below 1.0460 can completely thwart the suggested scenario and lead the pair to complete the main bearish trend, with targets starting at 1.0400 and 1.0350, respectively.

Note: Trading on CFDs involves risks. Therefore, all scenarios may be possible. This article is not a recommendation to buy or sell but rather an explanatory reading of the price movement on the chart.

S1: 1.0460	R1: 1.0580
S2: 1.0395	R2: 1.0630
S3: 1.0350	R3: 1.0695